NEW YORK - The fall in oil prices sent U.S. stocks fell on Wednesday as stocks fall big energy companies pulled the main index down.
Dow Jones Industrial Average slumped 130.33 points (1.02 percent) to 12,630.03 at the close of trading.
The S & P 500 lost 15.11 greater (1.11 percent) to 1342.05, while the technology-heavy Nasdaq composite index fell 26.83 points (0.93 percent) to 2845.06.
Shares of major oil companies fell more than two percent after oil prices dipped about 5.5 percent, driven by the perception of slowing demand and a sharp rise in the dollar in trading Wednesday.
Crude oil prices dipped on Wednesday, amid signs of slowing demand in the United States and China and increased the dollar.
New York's main contract, crude oil West Texas Intermediate (WTI) or light sweet crude for delivery in June, ending at 98.21 dollars per barrel, down 5.67 dollars, or 5.5 percent, from Tuesday's close level. In London, Brent North Sea crude for June delivery fell 5.06 dollars to close at 112.57 dollars per barrel.
"This is really a combination of facts bearish on the broader market with signs of fundamental weakness for crude oil complex," said Matt Smitt from Summit Energy.
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